v3.26.3
Derivative Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Accumulated Other Comprehensive Loss and Net Income Related to Derivatives The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended September 30, 2026 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of June 30, 2026
$1.0 $0.4 $0.6 
Net changes in fair value of derivatives:
Foreign currency contracts(1)
(2.5)(0.4)(2.1)
Total
(2.5)(0.4)(2.1)
Net losses (gains) reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts(1)
4.2 0.8 3.4 
Treasury rate locks
(0.2)— (0.2)
Total4.0 0.8 3.2 
Accumulated derivative net gains as of September 30, 2026
$2.5 $0.8 $1.7 
____________________________________
(1)    The outstanding contracts as of September 30, 2026 range in maturity through December 2027.
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the three months ended September 30, 2025 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of June 30, 2025$11.5 $2.4 $9.1 
Net changes in fair value of derivatives:
Foreign currency contracts
(1.4)(0.2)(1.2)
Total
(1.4)(0.2)(1.2)
Net gains reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts
(3.2)(0.6)(2.6)
Treasury rate locks
(0.2)(0.1)(0.1)
Total(3.4)(0.7)(2.7)
Accumulated derivative net gains as of September 30, 2025
$6.7 $1.5 $5.2 

    The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the nine months ended September 30, 2026 (in millions):

Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of December 31, 2025
$4.6 $1.4 $3.2 
Net changes in fair value of derivatives:
Foreign currency contracts(1)
(10.8)(2.3)(8.5)
Total(10.8)(2.3)(8.5)
Net losses (gains) reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts(1)
9.3 1.8 7.5 
Treasury rate locks(0.6)(0.1)(0.5)
Total8.7 1.7 7.0 
Accumulated derivative net gains as of September 30, 2026
$2.5 $0.8 $1.7 
____________________________________
(1)    The outstanding contracts as of September 30, 2026 range in maturity through December 2027.
The following table summarizes the activity in accumulated other comprehensive loss related to the derivatives held by the Company during the nine months ended September 30, 2025 (in millions):
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
Accumulated derivative net gains as of December 31, 2024
$11.7 $2.8 $8.9 
Net changes in fair value of derivatives:
Foreign currency contracts
2.5 0.6 1.9 
Total
2.5 0.6 1.9 
Net gains reclassified from accumulated other comprehensive loss into income:
Foreign currency contracts
(6.9)(1.7)(5.2)
Treasury rate locks
(0.6)(0.2)(0.4)
Total(7.5)(1.9)(5.6)
Accumulated derivative net gains as of September 30, 2025
$6.7 $1.5 $5.2 
Schedule of Derivative Instruments The following table summarizes the notional values of the instrument designated as a net investment hedge (in millions):
Notional Amount as of
September 30, 2026December 31, 2025
Cross currency swap contracts
$600.0 $600.0 
    The following table summarizes the changes in the fair value of the cross currency swap contracts designated as a net investment hedge during the three and nine months ended September 30, 2026 and 2025 (in millions):

Gain (Loss) Recognized in Other Comprehensive Income for the
Three Months Ended
Gain (Loss) Recognized in Other Comprehensive Income for the
Nine Months Ended
Before-Tax AmountIncome Tax Expense (Benefit)
After-Tax Amount
Before-Tax AmountIncome Tax Expense (Benefit)After-Tax Amount
September 30, 2026$3.9 $1.0 $2.9 $10.1 $2.6 $7.5 
September 30, 20250.7 0.2 0.5 (58.6)(15.1)(43.5)
Schedule of Derivatives Not Designated as Hedging Instrument The following table summarizes the results on net income of derivatives not designated as hedging instruments (in millions):
Gain (Loss) Recognized in Net Income for the Three Months Ended
Gain (Loss) Recognized in Net Income for the Nine Months Ended
Classification of Gain (Loss)
September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Foreign currency contractsOther expense (income), net$(2.8)$(11.6)$(38.2)$32.3 
Schedule of Fair Value of Derivative Instruments The table below sets forth the fair value of derivative instruments as of September 30, 2026 (in millions):
Asset Derivatives as of
September 30, 2026
Liability Derivatives as of
September 30, 2026
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$2.5 Other current liabilities$5.6 
Cross currency swap contracts
Other noncurrent assets— Other noncurrent liabilities27.1 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts(1)
Other current assets6.7 Other current liabilities6.6 
Total derivative instruments$9.2 $39.3 
____________________________________
(1)    The outstanding contracts as of September 30, 2026 range in maturity through November 2026.

    The table below sets forth the fair value of derivative instruments as of December 31, 2025 (in millions):

Asset Derivatives as of
December 31, 2025
Liability Derivatives as of
December 31, 2025
Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivative instruments designated as hedging instruments:
Foreign currency contractsOther current assets$0.8 Other current liabilities$2.5 
Cross currency swap contracts
Other noncurrent assets— Other noncurrent liabilities37.2 
Derivative instruments not designated as hedging instruments:
Foreign currency contracts
Other current assets19.4 Other current liabilities8.7 
Total derivative instruments$20.2 $48.4